Cytokinetics (NASDAQ:CYTK) Sets New 52-Week Low After Insider Selling

Cytokinetics, Incorporated (NASDAQ:CYTK)’s stock price hit a new 52-week low during mid-day trading on Monday following insider selling activity. The stock traded as low as $39.81 and last traded at $40.12, with a volume of 685480 shares trading hands. The stock had previously closed at $43.19.

Specifically, CEO Robert I. Blum sold 15,000 shares of the business’s stock in a transaction dated Monday, March 31st. The shares were sold at an average price of $40.75, for a total transaction of $611,250.00. Following the sale, the chief executive officer now owns 427,629 shares of the company’s stock, valued at approximately $17,425,881.75. The trade was a 3.39 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. JMP Securities reaffirmed a “market outperform” rating and issued a $78.00 target price on shares of Cytokinetics in a report on Friday, February 7th. Stifel Nicolaus initiated coverage on Cytokinetics in a research note on Wednesday, January 22nd. They issued a “buy” rating and a $80.00 price objective for the company. Royal Bank of Canada boosted their target price on Cytokinetics from $80.00 to $82.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 18th. Evercore ISI upgraded Cytokinetics to a “strong-buy” rating in a research report on Friday, February 7th. Finally, HC Wainwright reissued a “buy” rating and issued a $120.00 price objective on shares of Cytokinetics in a research note on Friday, February 28th. Two analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $82.00.

Cytokinetics Stock Up 7.9 %

The firm has a market cap of $4.79 billion, a price-to-earnings ratio of -7.52 and a beta of 0.95. The company has a quick ratio of 9.28, a current ratio of 9.28 and a debt-to-equity ratio of 5.93. The firm has a fifty day moving average price of $45.47 and a 200-day moving average price of $49.29.

Cytokinetics (NASDAQ:CYTK) last issued its quarterly earnings results on Thursday, February 27th. The biopharmaceutical company reported ($1.26) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.29) by $0.03. The business had revenue of $16.93 million during the quarter, compared to analyst estimates of $14.26 million. As a group, sell-side analysts forecast that Cytokinetics, Incorporated will post -5.24 EPS for the current year.

Institutional Investors Weigh In On Cytokinetics

A number of institutional investors have recently bought and sold shares of CYTK. Harvey Capital Management Inc. acquired a new position in shares of Cytokinetics in the 4th quarter valued at $1,040,000. abrdn plc boosted its holdings in Cytokinetics by 29.4% in the fourth quarter. abrdn plc now owns 450,513 shares of the biopharmaceutical company’s stock valued at $21,192,000 after acquiring an additional 102,457 shares during the last quarter. AlphaQuest LLC boosted its holdings in Cytokinetics by 113,500.0% in the fourth quarter. AlphaQuest LLC now owns 1,136 shares of the biopharmaceutical company’s stock valued at $53,000 after acquiring an additional 1,135 shares during the last quarter. Vanguard Group Inc. grew its position in Cytokinetics by 1.3% during the fourth quarter. Vanguard Group Inc. now owns 11,915,821 shares of the biopharmaceutical company’s stock valued at $560,520,000 after acquiring an additional 154,216 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its stake in Cytokinetics by 1.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,335,189 shares of the biopharmaceutical company’s stock worth $62,807,000 after acquiring an additional 13,798 shares during the last quarter.

About Cytokinetics

Cytokinetics, Incorporated, a late-stage biopharmaceutical company, focuses on discovering, developing, and commercializing muscle activators and inhibitors as potential treatments for debilitating diseases. The company develops small molecule drug candidates primarily engineered to impact muscle function and contractility.